OREANDA-NEWS. On 26 March 2009 was announced, that Alexei Kuzovkin, General Director of OAO ARMADA (MICEX, RTS: ARMD), bought out the company’s shares from its three major shareholders — German Kaplun, Alexander Morgulchik and Dmitry Belik — to effectively increase his stake in the share capital 8.4%. As a result of the deal, the share still held by ARMADA’s three majority shareholders contracted to 35.4%, while General Director now holds 8.7%, with 5.4% more in treasury shares and a free-float of 50.5%.

Alexei Kuzovkin has held executive positions in the IT industry since 1999. In 2000, he took over the reins of RBC SOFT. Ever since the establishment of the ARMADA group of companies in 2007, he has been General Director of OAO ARMADA.

“I strongly believe in the company’s future. Even in the current market situation, it has great prospects lying in store for it, and I am more than happy to increase my stake in ARMADA. The company has a strong footing amid the economic turmoil. The economic downturn offers major companies greater growth opportunities, even as weaker players fail and disappear from the market,” Mr. Kuzovkin commented on the deal.